Russia Is Considering Crippling Its Own Oil Industry

Russia Is Considering Crippling Its Own Oil Industry

Russia's government relies overwhelmingly on oil and gas taxes, which fund about half of its national budget. Half! So with those oil taxes falling from $74 to $17 per barrel, that's been catastrophic for the Russian economy, to the point that some analysts fear political instability. So you can see why many in the Russian government are pushing for higher taxes on oil revenue.

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